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Bundesbank Announces Repatriation of 120 Tonnes of Gold from Paris and New York Federal Reserve

Posted by eeos @ 12:50 on January 19, 2015  

The Bundesbank, Germany’s powerful central bank, announced very publicly this morning the further repatriation of 120 tonnes of it’s gold being held in foreign locations – namely in Paris and New York with the Bank of France and the Federal Reserve.
Perhaps Jim Willie was on to something with his theory that the Swiss front-ran the market last week by going long physical gold? 

“The Bundesbank successfully continued and further stepped up its transfers of gold,” the central bank said in a statement. “Implementation of our new gold storage plan is proceeding smoothly. Operations are running very much according to schedule,” said Carl-Ludwig Thiele, Member of the Executive Board of the Deutsche Bundesbank.

“We also called on the expertise of the Bank for International Settlements for the spot checks that had to be carried out. As expected, there were no irregularities,” Thiele said.

Germany’s gold reserves are the second biggest in the world after those of the United States. The World Gold Council’s latest data shows Germany’s gold reserves at 3,384.2 tonnes today.

The Bundesbank also helpfully provided tables in its press release, presumably in an attempt to create further transparency and understanding of the issue which remains an important one to large sections of the German political and financial class and the public who are concerned about a new Eurozone debt crisis and the fate of the euro. Read more

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.